Dear ,
As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
EURUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.05% | 5 Pips |  |
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| Week to-date | -0.27% | -29.8 Pips |  |
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| July | 0.83% | 88.7 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
What happened lately
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 The U.S. Employment Cost Index (ECI) in Q2 decreased to 0.9% from the previous figure of 1.2% in Q1. Source: Bureau of Labor Statistics
The Euro Area Harmonised Index of Consumer Prices (HICP) in July’s flash estimate rose to 2.6% compared to the previous figure of 2.5% in June. Source: Eurostat
🇩🇪 Germany’s unemployment change in July dropped to 18K from the previous figure of 19K in June. Source: Destatis
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 8.184M compared to the previous figure of 8.23M, revised from 8.14M in May. Source: Bureau of Labor Statistics
🇺🇸 U.S. House Price Index (1-mth) in May dropped to 0% from a revised figure of 0.3% in April. Source: FHFA
The Euro Area Economic Sentiment Indicator (ESI) declined slightly from 95.9 points in June to 95.8 points in July. Source: DG ECFIN
The Q2 flash estimate indicates that the Euro Area GDP (seasonally adjusted) (12-mth) rose to 0.6%, up from the previous figure of 0.4% in Q1. Source: Eurostat
🇩🇪 Germany’s GDP (12-mth) in the Q2 flash estimate improved to -0.1%, compared to the previous figure of -0.2% in Q1. Source: Federal Statistical Office (Destatis)
What can we expect from EURUSD today?
EURUSD on Wednesday rose 0.05% to 1.08240. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for EURUSD looks bullish as the pair ended higher after Wednesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.08484 with break above could target R2 at 1.08727 or figure level area. While towards the downside, we are looking at daily low of 1.08017 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08494 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
EURUSD ended month of July trading session up by 0.83% or 88.7 pips higher.
Key levels to watch out:
| R3 | 1.08961 |
| R2 | 1.08727 |
| R1 | 1.08484 |
| Daily Pivot | 1.0825 |
| S1 | 1.08007 |
| S2 | 1.07773 |
| S3 | 1.0753 |
